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Palm Beach County Estate & Probate Attorneys / Blog / Asset & Property Distribution / Prince’s Estate Continues to Be Litigated, Eight Years After His Death

Prince’s Estate Continues to Be Litigated, Eight Years After His Death

Palm Beach County Florida Estate Litigation Law Firm

Following Prince’s untimely 2016 death, it was discovered that he had no documented estate plan in place, not even a basic Will. Dying intestate (without a Will) meant that a court had to decide who Prince’s legal heirs were and how his assets were to be distributed among them.

Ultimately, the court decided on sharing Prince’s estate among his six half-siblings. However, since they could not come to agreement among themselves as to the distribution of assets, they became mired in litigation until 2022, when a final settlement agreement was reached and then approved by a Minnesota judge.

In January 2024, the managers of the holding company that oversees half of Prince’s estate are suing several of his heirs, claiming that the heirs are attempting to change the bylaws of the company and remove the managers.

The managers claim this would jeopardize Prince’s legacy and negatively interfere with their business relationships with third parties, among other issues. This latest lawsuit has the potential to be prolonged and costly for all concerned.

Prince’s estate matters provide a clear illustration of the crucial importance of comprehensive estate planning, as such a plan would have avoided years of expensive litigation, depletion of assets, high tax consequences, and broken family and business relationships.

Development of your personal and comprehensive estate plan offers many benefits, including giving you control of decisions related to whom, when and how your assets will be distributed after your passing.

Following a lifetime of accumulating assets, such as money, property and perhaps a business, a thorough, clear estate plan provides security and peace of mind for you, your family and other designated beneficiaries.

While only about half of Americans have a formally documented Will, having no estate plan at all leaves your wishes and goals unclear and exposed to potential litigation and claims among creditors, business partners, family members and even the government.

At Kitroser Lewis & Mighdoll, our attorneys and staff bring decades of skilled and sophisticated estate planning experience to our clients.

We help them develop the highly personalized, detail-oriented estate plans that meet their specific needs, goals and wishes, including Will & Trust creation, Business Succession Planning and the development of strategies to avoid probate and minimize the possibility of future estate-related litigation.

If you need to create or update your estate plan or find yourself facing any type of estate-related litigation, we look forward to hearing from you soon.

North Palm Beach Office: 561-721-0600

Jensen Beach Office: 772-763-1400

https://www.forbes.com/sites/matthewerskine/2024/01/17/the-battle-for-princes-estate-unending-conflict-legal-drama-and-lessons-for-family-business/?sh=db931ba60abf

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